NZD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD remains in a strong downward trend, but there are emerging significant upside risks. The main threat to the short positions is represented by 0.6559, the lowest price since 2010. Nevertheless, the short-term outlook is still bearish, and we expect the New Zealand Dollar to keep depreciating for now, while the rallies are capped by the falling resistance trend-line.
If the key supply area at 0.6771 is breached, the target will then be a major cluster of resistances at 0.6925, where the weekly R3 merges with the monthly PP, Jun 25 high and also 200-period SMA. Meanwhile, the SWFX is distinctly bullish. Right now 68% of open positons are long.
© Dukascopy Bank SA
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